GTA new home sales rebound masks a condo market in retreat
The benchmark price for new single-family homes in the GTA fell 8.5% year over year to $1,362,433 in July, a decline that reflects the increased supply entering the market alongside rising demand.
Where condos stand
Condominium apartments — covering low-, medium-, and high-rise buildings and stacked townhouses — accounted for just 237 of July’s total sales. That’s a 40% increase from July 2025 but still 80% below the 10-year average.
The benchmark price for new condominium apartments moved modestly higher, up 2.5% year over year to $1,054,938. Both prices are gross figures, before any HST rebate benefit, to allow direct comparison with prior years.
The condo sector’s struggle to participate in the broader rebound comes down to program structure. Eligibility for the HST rebate in the condominium market turns on construction start and completion dates, limiting the pool of qualifying projects at any given time.
Federal legislation required to deliver the full benefit of the expanded rebate did not receive royal assent until June 18, a timeline that reduced the program’s reach for condominium projects in the first quarter of the rebate window.
